Bitcoin surpassed $6,500 and $6,600 on Wednesday to hit a new record high after the CME announced plans to launch bitcoin futures later this year.

The price of the cryptocurrency hit a high of $6,600.84 just hours after breaking through the $6,400 barrier, and minute after moving past the $6,500 mark, according to data from industry website CoinDesk. Its market capitalization, or the total value of bitcoin in circulation, hit $110 billion.

The bitcoin futures contract will be cash-settled and based on the CME CF Bitcoin Reference Rate (BRR), which CME launched in November 2016 with London-based digital trading platform Crypto Facilities. The reference rate is a daily settlement price published at 4 p.m. London time, currently noon ET.

Favorable regulation has often been a catalyst for the bitcoin price to rise. For example, bitcoin saw a boost when Japanese authorities allowed shops to begin accepting bitcoin as payment earlier this year.